Current affairs, 31 August 2026: the RBI's central board is reconstituted with S. Somanath and a reappointed Anand Mahindra, and the RBI winds up its FCNR-B swap window

31 August 2026 is an RBI day for the banking aspirant: the central bank’s board has a new composition this fortnight, and its special FCNR-B swap facility is being wound up after a surge in non-resident deposits. Names, dates and numbers below.

The RBI central board, reconstituted

The Centre has reconstituted the Reserve Bank of India’s central board. Anand Mahindra (Mahindra Group chairman) has been reappointed, and former ISRO Chairman S. Somanath appointed, as part-time non-official directors for four years, effective 20 August 2026. Three more directors — Annie George Mathew (former Expenditure Special Secretary), former diplomat Syed Akbaruddin, and Janmejaya Kumar Sinha (BCG India chairman) — were appointed from 24 August 2026, cleared by the Appointments Committee of the Cabinet (ACC) on 22 August. The board’s strength now stands at 14. The Economic Times · Business Today

For revision: the RBI Governor is Sanjay Malhotra; the RBI is run by a central board appointed by the government under the RBI Act, 1934; the bank was established in 1935 with its headquarters in Mumbai. S. Somanath led ISRO from January 2022 to January 2025, the period of the Chandrayaan-3 Moon landing. Zee Business

RBI winds up the FCNR-B swap facility

The RBI is closing its special FCNR-B (Foreign Currency Non-Resident Bank) deposit swap facility early, by 31 August 2026. The window drew large NRI inflows — about $65.4 billion into FCNR-B accounts — which helped foreign exchange reserves climb from roughly $672 billion at launch to about $717 billion by mid-August, and steadied the rupee in the 95–96 per US dollar range after it had weakened to 97.15 in May 2026. ET Government

Why it matters for an exam: FCNR-B accounts are foreign-currency deposits held by NRIs, and a swap facility of this kind is a tool the RBI uses to build up forex reserves and support the rupee during a period of currency stress.

What to write in your notebook

Three lines:

1. RBI board: Anand Mahindra reappointed and S. Somanath (ex-ISRO) appointed, both from 20 August 2026; Annie George Mathew, Syed Akbaruddin and Janmejaya Kumar Sinha from 24 August; board strength now 14. Governor — Sanjay Malhotra.
2. FCNR-B swap facility: closed early by 31 August 2026; about $65.4 billion in NRI inflows; forex reserves rose from about $672 billion to $717 billion; rupee steadied at 95–96/USD.
3. RBI basics: established 1935, headquarters Mumbai, governed by the RBI Act, 1934; current Governor Sanjay Malhotra.